China's yuan can be alternative reserve currency in 15 years Nov 12, 2009
"This does not mean that the yuan will replace the US dollar, but it can provide an alternative, and you have the multiplicity of the exchange rates," Zoellick said, noting the rise in the number of currency swap arrangements being inked between Beijing and governments around the world. China signed the arrangements with its trading partners to avoid the risks posed by a volatile dollar. (India Times)
The dollar race: edging closer to parity Oct 29, 2009
This resumes a trend that was interrupted when banks were scrambling to replace sources of US dollar funding that dried up during the global financial crisis (prompting the US Federal Reserve to provide as much as $US582 billion in US dollar liquidity through swap arrangements with other central banks). In trade-weighted terms, the US dollar is almost back where it was before this phase of the global financial crisis began. (Sydney Morning Herald -- Business)
Premier Wen Jiabao Saturday proposed strengthening cooperation between the ASEAN and China, Japan and South Korea to combat the global financial crisis. • Preparation urged for kick-off of regional reserve pool Oct 25, 2009
The CMI mainly comprises bilateral currency swap arrangements among the group. The ASEAN Plus Three finance ministers agreed on "all the key components" of the foreign currency reserve pool at a meeting in Bali, Indonesia in May 2009, only two years after they agreed on efforts to establish the CMIM to combat short term liquidity difficulties amid financial crises. (Xinhuanet, China)
Big financial losses mount for Baltimore-area hospitals Oct 24, 2009
In many cases, losses at Greater Baltimore hospitals last year were attributed to the bottoming out of the stock market in March and fluctuations in interest rates on debt, or complex derivatives financing also known as swap arrangements. While some hospitals like LifeBridge Health s Sinai and Northwest moved to more fixed-rate interest on debt before the recession reached its boiling point, others took their chances on the variable interest-rate bond market. (Baltimore Business Journal, MD)
Impact of the Global Financial Crisis and Its Implications for the East Asian Economy, Keynote Speech by Mr. Takatoshi Kato, Deputy Managing Director, International Monetary Fund, At the Korea International Financial Association, First International Conference Oct 22, 2009
At the regional level, bilateral and multilateral swap arrangements can diversify risks and the extension of the Chiang Mai reserve pool is a welcome development in this respect. The largest degree of risk diversification could be achieved at the global level. (IMF News)
Local difficulties Aug 24, 2009
Justin Wilson, the state comptroller in Tennessee, thinks there should be national standards for the kind of complex swap arrangements that are wreaking havoc on his state and others. But he is not waiting for regulation to catch up. (FT.com -- Markets)
Pimco: Dollar Will Lose Reserve Status Aug 21, 2009
He points out that China already has currency swap arrangements with a number of countries so that trade financing can be negotiated in yuan instead of dollars, and several countries can now replace part of their foreign currency reserves with non-dollar-denominated bonds issued by the International Monetary Fund. Peking University professor Michael Pettis says that if the current U.S. deficit declines quickly, the problem of too many dollars being held overseas will disappear. (Newsmax)
Public Information Notice: IMF Executive Board Concludes 2009 Article IV Consultation with Sweden Aug 8, 2009
Recent steps to raise international reserves, combined with swap arrangements with other central banks, will boost the Riksbank s capacity to respond to financial sector liquidity stresses. Directors endorsed the significant fiscal stimulus provided by the 2009 budget, notably via full play of the large fiscal stabilizers and the planned discretionary measures which has been made possible by Sweden s strong fiscal performance in recent years. (IMF News)
* World Business Quick Take Jun 27, 2009
The extension of the US dollar swap arrangements through Feb. 1 applies to the central banks of Australia, Brazil, Canada, Denmark, the UK, South Korea, Mexico, New Zealand, Norway, Singapore, Sweden, Switzerland and the European Central Bank. This story has been viewed 194 times. (Taipei Times, Taiwan -- World)
IMF gains illusory strength Jun 4, 2009
But last month it announced a contribution of over $38 billion to the Chiang Mai initiative, a network of bilateral currency swap arrangements among Asian countries seen, for a long time, as a potential source of competition to the IMF. On top of this, it is setting up a $100 billion bilateral currency swap scheme for Asian countries. This would effectively mean its own bilateral, direct line of credit for such countries, should they need emergency financing. (Asia Times Online)
The Demise of the Dollar May 27, 2009
China has set up a series of swap arrangements with other central banks, including Argentina, South Korea, Indonesia, Malaysia and Belarus, through which it will make its currency available to the other countries if they run out of foreign exchange. China and Brazil have begun talks on a scheme for bilateral trade to be settled in the renminbi and the real, rather than the U.S. dollar. (Human Events Online)
More battles ahead for Sri Lanka May 19, 2009
Now the bank is working on currency swap arrangements with other central banks in the region. A swap arrangement for $200 million has been agreed with Malaysia's Central Bank. (Asia Times Online)
COMMENT: The China Syndrome May 13, 2009
Zhou's proposal did not get much attention in the G20 summit, but President Hu Jintao also announced there that China had firmed up currency swap arrangements totalling about $95 billion with several countries. In a third move the ASEAN+3 (China, Japan, South Korea) have now created an Asian version of the IMF. Euphemistically called the Chiang Mai Initiative, the fund was launched on May 3 at the Asian Development Banks annual meeting in Bali with an initial capital of $120 billion. (India Times, India)
CUMULUS MEDIA INC.: Cumulus Reports First Quarter 2009 Results May 12, 2009
Free cash flow is defined as operating income before non-cash stock compensation, impairment charge, depreciation and amortization, terminated transaction expense, less net interest expense (excluding non-cash charge/credit for change in value and amortization of swap arrangements and amortization of debt issuance costs), income taxes paid and maintenance capital expenditures ... Free cash flow is defined as operating income before non-cash stock compensation, impairment charge, depreciation and... (Yahoo! Wire -- Entertainment News)
Ag Growth Announces Results for the Three Months Ended March 31, 2009 May 7, 2009
"Company ProfileAg Growth is a leading manufacturer of portable and stationary grain handling, storage and conditioning equipment, including augers, belt conveyors, grain storage bins, grain handling accessories and grain aeration equipment. Ag Growth's sales, marketing, and distribution system is comprised of approximately 1,400 dealers and distributors that distribute product in 48 states, nine provinces, and overseas.Non-GAAP measuresReferences to "gross margin" are to sales less cost of... (CCNMatthews Press Releases)
Home Capital's Strong First Quarter Sustains Momentum: Net Income up 24.9%; Return on Equity was 27.9%; Basic and Diluted Earnings per Share Reach $0.91 May 6, 2009
These outstanding swap arrangements were marked- to-market at March 31, 2009 for a net unrealized loss of $2. 1 million (unrealized gain of $0. (Canada Newswire)
Asia May Resist Drawing on $120 Billion Fund as Region Returns to `Normal' May 5, 2009
Indonesia also increased the size of its currency swap arrangements with China and Japan to bolster access to foreign exchange. One of the most significant positive outcomes from this crisis has been the way the international community has rallied together, Yudhoyono said in the speech. (Bloomberg -- Japan)
Japan offers 38.4 bln dlrs to Asian pool: minister May 3, 2009
The pool known as the Chiang Mai Initiative aims to create a network of bilateral swap arrangements among the countries of the Association of Southeast Asian Nations (ASEAN) as well as China, Japan and South Korea, or ASEAN+3. Yosano said China would also offer 38. (Yahoo News -- Top Stories)
READ THE MINUTES: FOMC meeting of March 17-18 Apr 9, 2009
"The Federal Open Market Committee authorizes the Federal Reserve Bank of New York to enter into additional temporary reciprocal currency arrangements (swap lines) with the Bank of England, the European Central Bank (ECB), the Bank of Japan, and the Swiss National Bank to support the provision of liquidity in British pounds, euros, Japanese yen, and Swiss francs. The swap arrangements with each foreign central bank shall be subject to the following limits: an aggregate amount of up to 30... (USA Today -- Money)
* Japans central bank keeps interest rate unchanged Apr 8, 2009
Separately, the Bank of Japan, the European Central Bank, the Bank of England and the Swiss National Bank said on Monday they would enter into swap arrangements to provide foreign exchange liquidity to the Federal Reserve if needed. Under currency swap arrangements the Fed provides dollars in exchange for reserves of the other nations currencies. (Taipei Times, Taiwan -- Sports)
Fed Expands Currency Swaps With 4 Central Banks Apr 7, 2009
Under currency swap arrangements the Fed provides dollars in exchange for reserves of the other nations' currencies. The Fed has entered into or expanded 14 such agreements since the credit crisis intensified last year, including with the four central banks in Monday's announcement. (ABC News -- Wire)
Fed strikes currency swap deal with central banks Apr 7, 2009
It said that the Bank of England, the European Central Bank (ECB), the Federal Reserve, the Bank of Japan, and the Swiss National Bank had entered into swap arrangements that "would enable the provision of foreign currency liquidity by the Federal Reserve to US financial institutions." ... Thr swap arrangements reflect similar tie-ups the four foreign central banks have had with the Fed allowing them to borrow dollars since last year, when financial turmoil started wreaking havoc across the... (Yahoo News -- Top Stories)
Fed announces new credit lines... Apr 7, 2009
Under currency swap arrangements, which were common last fall when the credit crisis intensified, the Fed provides dollars in exchange for reserves of the other nations' currencies. "Should the need arise, euro, yen, sterling and Swiss francs would be provided to the Federal Reserve via these additional swap agreements with the relevant central banks," according to the Fed release. (The Drudge Report)
A Look At Economic Developments Around The Globe Apr 7, 2009
Under currency swap arrangements, which were common last fall when the credit crisis intensified, the Fed provides dollars in exchange for reserves of the other nations' currencies. . (KIRO TV, WA)
Calls for alternative global currency grow louder Apr 4, 2009
Since late last year, the Peoples Bank of China has signed bilateral currency swap arrangements worth up to 650 billion yuan (RM348bil) with central banks of South Korea, Hong Kong, Malaysia, Indonesia, Belarus and Argentina to promote trade and investment. The arrangement between China and Malaysia is worth 80 billion yuan (RM43bil), with an effective period of three years that could be extended by agreement between the two sides. (The Star Online, Malaysia -- Business)
Indonesian democracy: Beyond the crossroads Apr 3, 2009
The rupiah has weakened moderately in recent months, and the government has been arranging back-up swap arrangements with multilateral banks and other countries, including a $15 billion facility from China. EPA. (The Economist)
* The crisis continues ... as do World Bank, IMF double standards Mar 22, 2009
But the Obama administration can still help X for example, by asking the Federal Reserve to expand currency swap arrangements it recently offered to Singapore, South Korea and Brazil to other developing countries. That way, the worlds poor could at least avoid the heavy-handed conditionality imposed by the IMF and the World Bank. (Taipei Times, Taiwan -- Business)
Weavering Capital collapses over... Mar 20, 2009
Mr Wilde said that the swap arrangements between the UK and Cayman Island companies were common, but he said the "related party" ownership structure of the two firms was not. The "realisable amount" for investors would essentially depend on the ability of the Cayman vehicle to pay up - "effectively whether the related party is good for the money", Mr Wilde said. (New York Post -- Business)
East Asia, the G20 and global economic governance Mar 12, 2009
Their preoccupation has been narrowly focused on the establishment of a regional emergency fund, based on the bilateral swap arrangements known as the Chiang Mai Initiative (CMI). This idea had been aired for some time before there was any sign of the current crisis, and efforts were stepped up after October 2008, but the fund will become operational only in April or May 2009. (Jakarta Post, Indonesia -- Editorial)
No bottom yet to AIG money pit Mar 9, 2009
Swap arrangements made by other insurers require payments only if a default occurs. So the meter is constantly running at AIG. Just as quickly as taxpayer funds flow into the firm, chunks of it go right out the door to settle derivatives claims. (International Herald Tribune -- Business)
South Korea's President Lee Says Nation Has Means to Stabilize Currency Mar 7, 2009
South Korea expanded currency swap arrangements with China and Japan in December in an effort to ensure financial stability in Asia. South Korea and Japan increased an existing won-yen arrangement to $20 billion from $3 billion. (Bloomberg -- Asia)
* Government shouldnt rush in to join ASEAN Mar 4, 2009
The ministers agreed to augment regional supervision, expand bilateral currency swap arrangements and enlarge the Chiang Mai Initiative reserve fund to US$120 billion, from US$80 billion. The resolutions made on the 14th ASEAN Summit held last Thursday further served as an indication of how the nations in the region are to rescue the economy. (Taipei Times, Taiwan -- World Business)
BMO Financial Group Reports First Quarter Net Income of $225 Million, Reflecting Difficult Conditions in the Credit and Capital Markets Environments Mar 3, 2009
The remainder of the hedged investment amounts is hedged through three monoline insurer counterparties rated A to AAA. During the quarter, BMO closed total return swap arrangements with two financial institutions and delivered the related underlying CDO positions, at a modest gain as both the investments and the hedge instruments closed at values approximating their October 2008 valuations. These hedged investment amounts had carrying values of $1. (Canada Newswire)
Clinton's Slumming May Boost Asia's $120 Billion Feb 25, 2009
The swap arrangements announced by the Fed in October bestowed a Good Housekeeping seal on economies that are following responsible policies yet feeling the brunt of the credit crisis. Indonesia will fit that category more and more as 2009 unfolds. (Bloomberg -- Columnists)
Asia set to boost emergency fund Feb 23, 2009
Last year, the ten members of the Association of South-East Asian Nations (Asean) promised to make bilateral currency swap arrangements available to each other under the so-called Chiang Mai Initiative. Japan, China and South Korea also joined the scheme. (BBC News -- Asia-Pacific)
Korea, Navigating through the Global Headwinds, An article by Anoop Singh, Director, Asia and Pacific Department, International Monetary Fund Feb 9, 2009
The government has been proactive in ensuring that liquidity in the banking system remains ample despite the tightening of external financing conditions, and has undertaken numerous initiatives to bolster the financial and corporates sectors and to avoid the sharp deleveraging process seen elsewhere, such as through bilateral currency swap arrangements with the U.S., Japan and China. The coming year will undoubtedly be a difficult one for the global economy and Korea. (IMF News)
